Weekly Market Review

Hyderabad (NVS): As was expected, the principal global markets recorded the historic topsy-turvy moments during a week under review following the increased intensity of fierce war between the Israel and Hamas. In fact, the world has been on the verge of engulfing the World War 3 any time. With the oil wells and industries being targeted by the warring nations, not only the crude oil and other petroleum products but also manufactured goods have been affected badly. Further, the roundabout transportation routes forced by the ongoing war also adds up the price structure of most of the traded commodities.

The New York gold closed at US $ 2,005.60 (per Ounce) while silver closed at $ 23.09 (per Ounce). Platinum and Palladium closed at $ 904 (per Ounce) and $ 1,108 (per Ounce) respectively.

Other economic parameters remained strong. Brent closed at US $ 90.48 (per barrel) while Crude MCX oil was quoted at Rs.7,153 (per barrel). While Gold MCX stood at Rs.61,260 (per 10 gms), MCX Silver closed at Rs.71,802 (per kg), Copper MCX closed at Rs.700.50 (per kg). Sensex and Nifty 50 closed at 63,782.80 and 19,047.25 points. Leading foreign currencies’ exchange rates were, US $: Rs.83.41, British Pound: Rs.101.16, Euro: Rs.88.25, Singapore $: Rs.60.94, Swiss Franc: Rs.92.48, Australian $: Rs.52.82, Saudi Riyal: Rs.22.29, New Zealand Dollar: Rs.48.47, Kuwaiti Dinar: Rs.270.92, Omani Rial: Rs.217.35, and UAE Dirham: Rs.22.71, Japanese Yen: Rs.0.56, Canadian $ Rs.60.09 and Hong Kong Dollar: Rs.10.64.

The local market remained moderate. Standard gold (24 carats) appreciated by Rs.870 and closed at Rs.62,620 (per 10 gms). Ornamental gold too, followed suit and was quoted in the range of Rs.57,300–57,400 on the closing day. Silver (0.999) declined by Rs.1,200 and closed at Rs.77,500 (per kg).

COMMODITIES

Rythu Bazars and the various commodity markets located in Begum Bazar, Kishangunj, Mukthyargunj, Risala Abdullah, Mir AlamMandi, Dilsukhnagar, Kukatpally, Bowenpally, General Bazar recoded moderate trade volumes.

During the week, common pulses such as tuar dal, masoor dal, moong dal and urad dal and commodities like chillies and garlic remained unchanged at their respective last week’s closing levels, while staple food-grains and common edible recorded brisk trading.

The NECC wholesale egg-price in Hyderabad appreciated by Rs.13 and closed at Rs.518 (per 100) which was also the lowest price in the country while the highest price of Rs.600 was recorded at Lucknow.